New Resources Showing Tax Cuts, Increases
Did you know that the biennial budget bill includes $92.8 million in tax cuts and $69.8 million in tax increases? These figures and more can be found in a new fact sheet released today by the Wisconsin Budget Project.
This new two-page document shows the fiscal effect of tax changes enacted in the biennial budget and in the special legislative session earlier this year. Seven different tax cuts totaling $210 million (over two years) were enacted in the special session and biennial budget. Two of those cuts primarily benefit high-income earners, and the other five benefit businesses or corporations. The two tax increases, on the other hand, fall on low-income individuals and families.
The fact sheet also includes information on the ten-year cost of the tax cuts, which as we noted before in a June 2011 blog post tops $2.3 billion.
You can find the fact sheet here.